Torrens Mining has made its first appearance on the ASX this week after raising $10 million to progress its gold and copper exploration in Australia and Papua New Guinea.
The Australian-based explorer holds gold, copper and cobalt prospects in the Victorian Goldfields and Elizabeth Creek in South Australia, along with a pending exploration license at the Laloki copper-gold project in Papua New Guinea.
The company raised $10 million through issuing 50 million shares at 20 cents each.
Torrens stated that its primary focus would be on its Victorian assets, as chairman Bill Bloking said the raising would assist in its development of gold and copper deposits.
“The strong investor interest in Torrens’ IPO and its associated exploration portfolio represents a strong endorsement of our assets and management team and the strength of our core strategy – which is to discover and develop gold and copper deposits in Australia and PNG,” he said
The company’s Mt Piper gold project in central Victoria is located 30 kilometres south-east of Kirkland Lake Gold’s Fosterville gold mine.
It also owns the Club Terrace gold project in eastern Victoria.
Torrens’ Elizabeth Creek copper-cobalt project is going through a drilling campaign, which is funded and managed by Coda Minerals, who will manage Torrens’ exploration in South Australia.